Metals Acquisition (NYSE:MTAL) Shares Down 2.5% – Here’s Why

Shares of Metals Acquisition Limited (NYSE:MTAL) traded down 2.5% on Friday . The stock traded as low as $12.64 and last traded at $12.64. 10,907 shares traded hands during trading, a decline of 95% from the average session volume of 240,350 shares. The stock had previously closed at $12.97.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. BMO Capital Markets upped their target price on Metals Acquisition from $13.00 to $15.00 and gave the company a “market perform” rating in a research report on Tuesday, July 23rd. Scotiabank cut their price objective on shares of Metals Acquisition from $17.00 to $16.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th.

Metals Acquisition Stock Down 1.4 %

The stock has a 50 day moving average of $11.92 and a 200-day moving average of $12.97. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.84 and a quick ratio of 0.69.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MTAL. Amalgamated Bank purchased a new position in Metals Acquisition during the 2nd quarter worth approximately $26,000. Squarepoint Ops LLC purchased a new position in shares of Metals Acquisition during the second quarter worth $205,000. SG Americas Securities LLC acquired a new position in Metals Acquisition during the third quarter valued at $246,000. The Manufacturers Life Insurance Company purchased a new stake in Metals Acquisition in the second quarter valued at $278,000. Finally, Marshall Wace LLP grew its position in Metals Acquisition by 57.4% during the 2nd quarter. Marshall Wace LLP now owns 24,126 shares of the company’s stock worth $330,000 after purchasing an additional 8,799 shares during the period. 87.47% of the stock is currently owned by hedge funds and other institutional investors.

Metals Acquisition Company Profile

Metals Acquisition Limited focuses on mining and production of copper and silver. It operates the CSA copper mine in Cobar, Australia. The company was incorporated in 2022 and is headquartered in Saint Helier, Jersey.